"Apple Inc reported quarterly revenue that slightly missed Wall Street expectations as sales of its flagship iPhone came in below target, sending its shares down more than 4 percent. The world's largest technology company shipped 47.8 million iPhones, lower than the roughly 50 million that Wall Street analysts had predicted. Sales of the iPad came in at 22.9 million in the fiscal first quarter, about in line with forecasts." I'll leave the financials to the experts, but one thing that stood out to me: Apple sold 4.2 million Macs, almost a million below expectations. How much of a future does desktop computing have at Apple? Update: The NYT/Reuters changed the title during the night. Fixed it.

This isn't about you or their absolute profits. This is all about the stock price and investors' view on the matter of profits.

PS: They were constrained for iPhone5 for a quarter of a quarter. And they were constrained on iPads for a few weeks after launch. They were not constrained when it came to the primary gifting season, where they have their biggest sales.